Over 125 million SHIBs have been burned in the past five days and over 5.5 million in the previous 24 hours.
Over 5.5 million SHIB tokens has been destroyed in the last 24 hours. Tokens are usually destroyed or “burned” to reduce the number in circulation. This is done to drive up the price. Initially, around 500 trillion tokens were sent to Ethereum co-founder Vitalik Buterin, while the other 500 trillion was locked in UniSwap.
This meant that there were many tokens in circulation, resulting in negligible price increases. Burning involves sending coins to a dud wallet address to prevent them from being spent again.
Is burning enough?
Yahoo Finance has announced that a major token burn is scheduled to begin in mid-December 2021. On December 26, 2021, 239 million SHIB tokens were burned at a party hosted by Steven Cooper of Bigger Entertainment. The price of the coin itself rose briefly. Combined token burning uses lower gas costs than if each address burned its tokens individually. Etherscan reports that 125 million SHIB tokens have been burnt in the past five days. However, that didn’t change the price much, according to Coingecko. The price was on a downtrend as of December 8, 2021, at around $ 0.00003898, and at the time of writing this article, it was at $ 0.00003407.
There are now over 410 trillion coins that have been burned, which constitute about 41% of the total supply of SHIB. SHIB experienced a massive surge in price in October 2021, hitting an all-time high on Oct. 28, 2021, of $0.00008616.
Still a long way to go for SHIB to equal DOGE
SHIB has a long way to go to match its predecessor, Dogecoin, which has over 132 billion tokens in circulation. On August 7, 2021, the developers ShibaSwap announcement a burn plan to reduce the supply of $ SHIB and $ LEASH, to which SHIB investors have responded enthusiastically on social media. The developers also announced $ 25,000 in $ SHIB and $ LEASH, which corresponds to the launch of two exchange pools on ShibaSwap PERL-ETH and RYO-ETH. SHIB founder Ryoshi has hinted that token burning is part of SHIB’s efforts to enter the metaverse.
SHIBA INU has been gaining mainstream adoption recently. SHIB was recently added to Flexa’s Payment network for use in retail purchases. Kraken and Gemini also recently listed it.
